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We kicked off the day with Initial Jobless Claims, Continuing Jobless Claims, and Jobless Claims 4- and Week Average at 7:30 A.M., EIA Energy Stocks and Money Supply at 10:00 A,M., 17-Week Bill Auction, 4-Week & 8-Week Bill Auction at 10:30 A.M., 15-Year & 30-Year Mortgage Rate at 11:00 A.M., 7-Year Note Auction at 12:00 P.M., Fed Balance Sheet at 3:30 P.M.

Corn futures ended unchanged Tuesday near 448, with the resistance area 448-452 with settlement 448 ½ . There is still time to load up on March & May corn puts if your bashful about selling futures outright. Especially, with manage funds are large net long futures. Some feel the increase in nearby US corn demand has held futures near resistance to increase cash into the demand pipeline. China’s interest in corn imports is negligible. China farmer margins are also negative. There is some talk Russia may be trying to increase grain export to China.

There have also been whispers China put in a tender for US soybeans, which makes sense to buy US pre-Trump tariffs. Also chatter China will have a large stimulus package to spark some life into their economy. There is some skepticism as prior smaller packages were failed stimulus. Brazilian weather remains favorable for crops. USDA estimates Brazil 2025 crop at 127.0 MMT’s vs. 122./0 MMT’s last year. They also estimate Argentine corn crop at 51.0 MMT’s vs. 50.0 MMT’s last year. Parts of Argentina saw rains in Tuesday’s overnight. The March/May spread has also firmed during the rally as pipeline needs increase. Some feel US farmers should increase cash sales near $4.50 basis December, if it has legs to get there, with a settlement price at 437 ¼ .

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